British luxury brand Burberry has announced that current chief creative officer and chief executive Christopher Bailey will become the company’s chief creative officer and president, handing over the title of chief executive to Céline’s Marco Gobbetti, as part of an ongoing business review.
Bailey, who was appointed chief executive in October 2013 in addition to his duties as chief creative officer, will add the newly created title of president and oversee all elements of brand and design, working in partnership with Gobbetti, who will join the company next year. Shares in Burberry jumped 7.9 percent on the news, their strongest day in three years.
“I am very excited that Marco Gobbetti is joining us as chief executive officer and as a partner to me,” said Bailey in a statement. “Marco brings incredible experience and skills in luxury and retail with him that will be invaluable to us… On a personal level, I know that we are going to enjoy a wonderfully collaborative partnership that makes me very excited for our future at Burberry.”
Both Bailey and Gobbetti will report to Burberry chairman John Peace. In a separate statement, Burberry also announced it had appointed Julie Brown as chief operating and financial officer.
Brown will join the company in early 2017. Carol Fairweather, Burberry’s current chief financial officer has decided to step down after 10 years in the role to pursue new opportunities. She will help to manage the transition following Brown’s arrival and leave at the end of its financial year.
(Source: Business of Fashion)